Braemar Hotels & Resorts Inc. (NYSE: BHR) announced that it has finalized an extension of its $435 million mortgage loan secured by four properties: The Notary Hotel, The Clancy, Sofitel Chicago Magnificent Mile, and Marriott Seattle Waterfront.
The loan is being extended beyond its original initial maturity in June 2023 for an additional twelve months. In conjunction with the extension, the Company paid down $142 million of the loan utilizing corporate cash on hand, which reduced the balance to approximately $293 million. As part of the extension the Company also purchased an interest rate cap through June 2024 with a strike rate of 4.69%.
"We continue to make solid progress addressing loan maturities and look forward to making additional announcements related to our liability management program in due course," said Richard J. Stockton, Braemar's President and Chief Executive Officer.
Braemar Hotels & Resorts is a real estate investment trust (REIT) focused on investing in luxury hotels and resorts.